Hoạt động cấp khoản vayCâu 238 / 400
At closing, the lender sets up an escrow (impound) account for a borrower. What is the primary purpose of this account?
a.To hold the borrower's down payment until the deed records
b.To pay the loan originator's commission over time
c.To fund future discount points
d.To collect and pay property taxes and hazard insurance premiums as they come due
Giải thích
An escrow/impound account collects a portion of the borrower's monthly payment to pay property taxes and hazard (and sometimes flood) insurance when due. RESPA limits the cushion a lender may require. It is not for down payments, commissions, or points.
Trích dẫn luật: Real Estate Settlement Procedures Act (RESPA)Luyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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